I would say from your pic that the speedhacks are whats causing your false fps since you have most of them on. Since I dont have the game myself so I can only guess what settings would be best. One thing you should do is get the latest beta. Then if the game doesnt run at full speed activate one speedhack at a time until you get the disired effect.

I suggest you to get the official beta. The speed hack that causes this phenomenon is the "VU cycle stealing", actually the FPS shown is correct, just the game motion is 'robbed' by the hack and still it's game dependent and can vary for different parts of the same game.

It's not fixed for me personally.. I'm experiencing the same problem, trying one speed hack at a time, trying all sorts of combinations and such. The video is slow motion, but the audio such as the voice of the characters talking is perfectly clear. It appear the slow motion for me only happens when facing an object of high detail.

If I face a wall with nothing much on it, it's gone, but when I face the other wall with an energy field, the slow motion comes back. Is there any way to disable effects like this or some sort of working frame skip to force the game to go faster?